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drewsgirl
My loves
Member since 5/05 3221 total posts
Name:
Amanda
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pmi removal?
does anyone know how to go about getting this taken off the mortgage? it has been less then 5 years, but we put alot into the house with the improvements..do you get an appraisel and then contact the bank? tia!
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Posted 12/19/11 9:30 AM  |
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Prudential Douglas Elliman Real Estate
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: pmi removal?
It was years ago since I did it but yes, I had my house re-appraised, contacted my lender and told them I wanted my PMI removed. They argued. I told them I was going to go with someone else. Even refinancing was going to be cheaper because of the PMI.
They came back to me 3 days later and agreed. I faxes them my appraisal and my PMI was removed.
Some lender may not let you pick your appraiser. So check with them on the process to do so.
It might be hard though. Most houses LOST value vs gained value.
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| Posted 12/19/11 9:39 AM |
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drewsgirl
My loves
Member since 5/05 3221 total posts
Name:
Amanda
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Re: pmi removal?
thank you so much..appreciate the response!
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| Posted 12/19/11 9:42 AM |
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Re: pmi removal?
I am not positive, but I think if you have an FHA loan, you MUST wait 5 years regardless of the equity you have in your home. After 5 years, you can request to have it removed, but you need to make that request (it's not automatic, as some people assume).
For a conventional mortgage, you don't need to wait 5 years... you can contact your lender and find out what you need to do.
Do you have a good idea of what your home would be worth in today's market, based on current market comps?
ETA - I would not pay an appraiser before contacting the bank. I believe any bank will want to use their own appraiser. Most realtors will do a courtesy comparative market evaluation (at no cost to you), which will give you an idea of your home's value, if you want that before you contact your lender. Let me know if you'd like some help!
Message edited 12/19/2011 9:46:18 AM.
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| Posted 12/19/11 9:44 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: pmi removal?
i was told with the FHA i had to wait until 5 years had passed in order to even see if I can remove no matter what I had done to the house.
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| Posted 12/19/11 9:58 AM |
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drewsgirl
My loves
Member since 5/05 3221 total posts
Name:
Amanda
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Re: pmi removal?
Posted by Century 21 Dallow - Christine Braun
I am not positive, but I think if you have an FHA loan, you MUST wait 5 years regardless of the equity you have in your home. After 5 years, you can request to have it removed, but you need to make that request (it's not automatic, as some people assume).
For a conventional mortgage, you don't need to wait 5 years... you can contact your lender and find out what you need to do.
Do you have a good idea of what your home would be worth in today's market, based on current market comps?
ETA - I would not pay an appraiser before contacting the bank. I believe any bank will want to use their own appraiser. Most realtors will do a courtesy comparative market evaluation (at no cost to you), which will give you an idea of your home's value, if you want that before you contact your lender. Let me know if you'd like some help!
thank you...we have a conventional loan..i am not sure how much the house may be in this crazy market, but it was an estate house when we bought it at a pretty good price for the area, we made a lot of upgrades and renovations so hoping it made up some of the difference(we put 10% down on the loan).
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| Posted 12/19/11 10:24 AM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Re: pmi removal?
With a conventional loan, we were able to remove it after about a year but we refinanced at the same time. This way we got a better rate and went with a different bank so there was no fight with the old bank over it.
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| Posted 12/19/11 5:40 PM |
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smooney
Hidey Ho!
Member since 2/10 1669 total posts
Name:
.
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Re: pmi removal?
Posted by Nifheim
i was told with the FHA i had to wait until 5 years had passed in order to even see if I can remove no matter what I had done to the house.
recently spoke to wells fargo and this is what they told me too
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| Posted 12/19/11 6:10 PM |
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